DTLA Condo Pricing Reports Clash

Rhonda Slavik is the director of business development at Polaris Pacific.

LOS ANGELES—Downtown Los Angeles condo pricing reports are clashing, with one report, from the Mark Co., showing a 10% year-over-year decrease in condo pricing, and another report, from Polaris Pacific, reporting a 10.6% increase in year-over-year pricing. The news comes after another disagreement in market statistics last month as well, when the Mark Co. reported a 13% drop in condo pricing in January and Polaris Pacific disputed the figures.

According to the Mark Co., condo prices are up 2% for the month of February after January’s steep pricing decline, but are still down year-over-year. New construction product traded at an average of $717 per square foot, up from $701 per square foot in January, and resale product traded at $584 per square foot, a surprising decline of 5% for the month but a 7% increase year-over-year, according to the report. Some of this activity was fueled by the arrival of 151 new condo units to the market, from Ten50. There are now 701 new-construction condo units on the market, and Oceanwide Plaza is expected to begin selling later this year. Erin Kennelly, the director of research at the Mark Co., was not available for comment.